Shareholders at JP Morgan Chase voted down an all-stock retention bonus for CEO Jamie Dimon that had been announced by the bank last year.
CNBC reports that fewer than a third of investors at the bank’s shareholder meeting voted in support of the $52.6 million payout included in the 66-year-old executive’s 2021 compensation arrangement. That bonus was put in place to keep Dimon at the bank through 2026.
The vote is nonbinding and the bank will have the final say on its boss’s contract. However, JPMorgan Chase spokesman Mike Fusco told Fortune Wednesday that “The board said it appreciates the feedback from shareholders and takes it very seriously.”
Fusco called Dimon’s proposed award “extremely rare” and said that it reflected “exemplary leadership” a well as incentives for a successful transition in leadership.
Advisory firm Glass Lewis reportedly advised investors not to approve the bonus, citing an absence of performance-based vesting conditions and arguing, “The company’s rationale for retention awards” should be scrutinized.
The New York City native has run the nation’s largest bank since 2005. Dimon’s 2021 compensation at JP Morgan Chase, with his retention bonus, is valued at $84.4 million.